Bank of America, N.A. v. Basile

(Supplemental opinion entered 10/27/14.) Court entered judgment of foreclosure and sale in favor of bank. There were no affirmative defenses before court at time of summary judgment hearing. Court properly denied Defendants' motion to file amended answer and affirmative defenses after summary judgment was entered. Rescission is an affirmative defense which must be specifically pleaded. All claims for rescission are extinguished three years after consummation of transaction or upon sale of property, whichever occurs first, per Section 1635(f) of Truth in Lending Act. Appellate court imposed sanctions sua sponte per Supreme Court Rule 375. Defendants and their law firm each sanctioned $5,000 in attorney's fees and $1,752 in costs, for frivolous appeal, as Defendants attempted to relitigate merits of issues previously raised.(O'BRIEN and SCHMIDT, concurring.)